Strong results on YoY basis
Blackstone Group (BX) reported an economic net income of $705.0 million in 2Q17, which reflects a substantial rise of 36.0% on a YoY (year-over-year) basis. EPS (earnings per share) in 2Q17 was $0.59, which missed analysts’ estimate of $0.62. However, EPS in 2Q17 was a significant rise of 34.0% from 2Q16 on the back of significant growth in FRE (fee-related earnings) and funds appreciation. In 2Q17, the company’s DE (distributable earnings) was $781.0 million, a rise of 58.0% YoY. Total performance fees in 2Q17 were $757.0 million, of which realized performance fees came to $643.0 million. Realized performance fees were driven by realizations.
Blackstone’s FRE in 2Q17 stood at $311.0 million, reflecting a substantial rise of 33.0% YoY. Its total AUM (assets under management) was $371.1 billion, which was a rise of 4.0% YoY, was mainly due to organic expansion, fundraising, and a significant appreciation of funds. The company deployed $8.4 billion in 2Q17.